Business leaders hail Pak-WB credit agreement

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ISLAMABAD, June 24 (APP): Leaders of the business community on
Friday hailed the provision of US $500 million IDA Development
Policy Credit by World Bank for Pakistan’s competitiveness and
growth, terming it the success achieved due to prudent economic
policies of the government.

Iftikhar Ali Malik Vice President South Asian Association for
Regional Cooperation Chamber of Commerce and Industry (SAARCCCI)
appreciating the government policies said that signing of US $ 500
million IDA Development Policy Credit by World Bank to Pakistan
was an ample proof that international organizations and
development partners were expressing their confidence on the
improvement in the country’s economy.

He attributed this achievement to the government, specially
the hard work of Finance Minister, Senator Muhammad Ishaq Dar making for the strengthening of national economy.

Iftikhar Ali Malik further said that this would help encourage
private sector investment in the country.

He added that it would also help improve the business
environment in the country and also attract foreign direct
investment.

“We should avoid criticism for the sake of criticism and
appreciate the good achievements of the government’s improvement in
national economy and its achievement in stabilizing national
economy,” he remarked.

Malik said that the financial credit in this regard would
not only help enhance foreign exchange reserves but also generate
economic activity through development projects in the country.
Vice President Islamabad Chamber of Commerce and Industry
(ICCI), Sheikh Abdul Waheed told APP that the credit of US $500
million provided by the World Bank to Pakistan was indicative of the
government’s prudent economic policies which has helped achieve
economic stability in the country.

He said that the credit would also help Pakistan to improve
the business environment and enhance fiscal management attracting
foreign direct investment in the country.

He hoped that the World Bank credit would be utilized on
appropriate place that is for simplification and streamlining of the
payment of taxes and improvement in governance and transparency of
policies to attract private sector investment.

President Federation of Pakistan Chambers of Commerce and
Industry (FPCCI), said Abdul Rauf Alam congratulated the government
and Finance Minister Ishaq Dar and his team for stabilizing national
economy and macro economic stability leading towards enhance
economic growth for the prosperity of the country.

The IDA credit of US $ 500 million by the World Bank to
Pakistan would also help achieving long term economic growth on
sustainable basis, besides ensuring payments of returns and
improving credibility and image of the country at international
levels.

He added that this credit would also help mobilization of the
private sector and economic growth for the socio economic prosperity
of the country.

Rauf Alam further said that this would also help attract
foreign direct investment and China Pakistan Economic Corridor
(CPEC) and Gawadar related development projects.

According to Finance Minister Ishaq Dar, Pakistan would get
$500 million IDA Development Policy Credit in a few days thus
increasing Pakistan’s foreign exchange reserves to $22.5 billion,
the highest in the history of the country.

He dispelled the impression that the country’s debt would
increase and said that Pakistan has qualified for IDA credit on soft
term basis for competitiveness and enhancing growth.

The soft term credit by the World Bank would help reduce debt
servicing in the country besides benefitting economic growth on
sustainable basis.